Soybeans Market Commentary

Soybean futures closed Thursday with contracts down 3 to 4 cents. Jan was 1/2 cent from filling Monday’s gap. Nearby soy meal was down $1.90/ton, with soy oil 10 points lower. October exports of soybeans were reported at 5.58 million metric tonnes (205.04 mbu) by Census this morning. That was 72.37% larger than September but down 42.15% from last year. They also reported soybean meal exports of 1.004 MMT for October, a record for that month. Soybean export sales in the week of 11/29 are seen at 600,000-900,000 MT. Soy meal is estimated at 175,000-400,000 MT, with bean oil at 8,000-26,000 MT. The report will be released on Friday morning. Stats Canada released production estimates on Thursday morning, with 18/19 canola production seen at 20.343 MMT, down 4.62% from last year. Canadian soybean production is estimated at 7.267 MMT, 5.84% lower than last year.

Jan 19 Soybeans closed at $9.09 1/2, down 4 cents,

Mar 19 Soybeans closed at $9.22, down 3 1/2 cents,

May 19 Soybeans closed at $9.34 1/2, down 3 3/4 cents,

Aug 19 Soybeans closed at $9.50 1/4, down 4 cents,

Dec 18 Soybean Meal closed at $310.00, down $1.90,

Dec 18 Soybean Oil closed at $28.47, down $0.10

--provided by Brugler Marketing & Management

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